April

Million

Billion

Source: Digital Currency Group 
Digital Currency Group (DCG) has successfully settled over $1 billion in debt, including the substantial amount of nearly $700 million owed to its bankrupt subsidiary, Genesis.&nbsp; 
The announcement came from DCG CEO Barry Silbert, who took to the social media platform X to share the news. 
I’m happy to share that <a href="https://twitter.com/DCGco?ref_src=twsrc%5Etfw">@DCGco</a> completed a full pay down of the money borrowed from Genesis 
We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry 
I'm excited about the industry's next chapter and DCG’s leadership role in it <a href="https://t.co/Jlbu3Zs7Xl">https://t.co/Jlbu3Zs7Xl</a> 
— Barry Silbert (@BarrySilbert) <a href="https://twitter.com/BarrySilbert/status/1743391614981046606?ref_src=twsrc%5Etfw">January 5, 2024</a> 
The debt settlement process began after Genesis filed a lawsuit against DCG and its affiliate, DCG International Investments (DCIG), in September.&nbsp; 
Genesis sought to recover approximately $627 million in loans that had matured in May 2023.&nbsp; 
However, in late November, the parties reached an agreement on a repayment schedule, with the aim of settling the outstanding balance by April 2024. 
In his post, Silbert said that the firm has fully repaid the funds borrowed from Genesis.&nbsp; 
He further highlighted DCG’s overall debt repayment of over $1 billion, despite the challenges faced by the industry.&nbsp; 
“I’m excited about the industry’s next chapter and DCG’s leadership role in it.” 
DCG released an official statement, affirming that all current obligations have been met as per the settlement agreement.&nbsp; 
The troubles faced by Genesis originated in 2022 when Three Arrows Capital, a crypto hedge fund, encountered difficulties, leading to liquidity issues for Genesis.&nbsp; 
The subsequent downfall of FTX further compounded Genesis’s challenges, ultimately resulting in the company filing for Chapter 11 bankruptcy protection in January 2023. 
<h2 id="genesis-reaches-settlement-with-dcg">Genesis Reaches Settlement With DCG</h2> 
 Last month, Genesis and DCG&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/news/genesis-reaches-settlement-with-parent-company-dcg-in-620m-lawsuit.htm" target="_blank" rel="noopener">reached a settlement</a>&nbsp;to end the protracted lawsuit aimed at recovering $620 million in repayments from DCG. 
Per the agreement, DCG committed to settling its outstanding $324.5 million in loans by April of 2024. 
The settlement allows Genesis the option to pursue any unpaid amounts. 
The proposed settlement came after Genesis&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/news/genesis-sues-parent-firm-dcg-over-600-million-loan-repayment.htm" target="_blank" rel="noopener">initiated a lawsuit against DCG</a>&nbsp;back in September. 
The legal action sought to compel DCG to repay loans that had become overdue, totaling around $620 million.&nbsp; 
Back in October, Gemini&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/news/winklevoss-gemini-sues-dcg-barry-silbert-for-fraud.htm" target="_blank" rel="noopener">filed a lawsuit</a>&nbsp;against DCG and its CEO&nbsp;Barry Silbert&nbsp;for allegedly defrauding creditors.&nbsp; 
The lawsuit came after&nbsp;Cameron Winklevoss, the billionaire co-founder of the Gemini crypto platform,&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/news/cameron-winklevoss-proposes-final-offer-genesis-crypto-bankruptcy-case.htm" target="_blank" rel="noopener">put forth his “best and final offer”</a>&nbsp;in the bankruptcy restructuring of digital asset lender Genesis.&nbsp; 
The plan included $1.5 billion in forbearance payments and fresh loans, a $275 million forbearance payment, a $355 million debt tranche due in two years, and an $835 million debt tranche due in five years.&nbsp;

Digital Currency Group has Settled Over $1 Billion in Debt, Including $700 Million Owed to Bankrupt Genesis

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Cryptonews.com

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